BDC Operators

EFCC Arrests Over 200 BDC Operators Nationwide Over Alleged Forex Scam

The Economic and Financial Crimes Commission (EFCC) has apprehended more than 200 individuals across Nigeria in a sweeping crackdown on foreign exchange scams and financial market manipulation. This unprecedented operation aims to curb the illegal activities of Bureau De Change (BDC) operators

May 23, 2024

Business·Markets·News

EFCC Arrests BDC Operators As Naira trades For 1,416/$1

Operatives from the Economic and Financial Crimes Commission (EFCC) reportedly descended on Bureau De Change (BDC) operators in Wuse Zone 4 market on Tuesday as the naira depreciated to N1,416 to a dollar. Witnesses narrated scenes of resistance, gunfire, and damaged EFCC

May 8, 2024

CPPE Highlights Why Nigerian Govt Should Review Customs FX Rate For Cargo Clearance

Business·Markets·News

Customs Duty: Naira Depreciation Worsens As Exchange Rate Hits N1,441.53/$1

The recent increase in the exchange rate for customs duty collection to N1,441.53 to the USD has sparked concerns among stakeholders, coming at a time when the naira is experiencing significant depreciation. This new figure represents an increase of N61 from the

May 5, 2024

Naira Depreciates Further To N1,419/$1 As EFCC Arrests BDC Operators

Business·Markets·News

Naira Depreciates Further To N1,419/$1 As EFCC Arrest BDC Operators

The Economic and Financial Crimes Commission (EFCC) on Monday conducted a surprise raid on Bureau De Change (BDC) operators in the Wuse Zone 4 area of Abuja, arresting an unspecified number of traders as the naira further dips to N1,419/$1. This action

April 30, 2024

Business·News

Forex Crisis: CBN Prunes Down Number Of BDCs To Almost 2009 Level

As the Central Bank of Nigeria (CBN) continues with its reforms of the foreign exchange market, it has reduced the number of Bureau De Change (BDC) operators to almost what it was in 2009.

March 2, 2024

Business·Markets·News

Naira Drops To N1,730/$1 In Parallel Market As EFCC Raids BDC Operators In Abuja

The Nigerian naira hit a new low against the US dollar on Monday, sparking concern among citizens as the currency continued its downward spiral in both official and parallel foreign exchange markets. At an alarming rate of N1,730/$ in the parallel market,

February 20, 2024

Naira Falls To ₦1,530/$ At Official Market After Public Holiday

Business·Currency

Naira Depreciation Sparks Surge In Dollar Savings As BDC Seeks Central Bank Review

Bureau De Change operators sounded the alarm as Nigerians flock to keep their savings in US dollars amid concerns over the eroding value of the naira.

January 18, 2024

Business·Currency·Insights

2years Of BDC Ban: Dollar Hoarders Made Whopping 80% Gain From Emefiele’s Infamous Decision

Six days ago, the Central Bank of Nigeria (CBN) lifted the restriction placed on sales of foreign exchange to the Bureau De Change operators by the apex Bank’s suspended chief, Godwin Emefiele. Since his suspension, the CBN’s acting governor, Fola Shonubi, has

August 24, 2023

Breaking: CBN Raises Interest Rate To 18.75%

Business·Currency

Banks Are Formalising Black Market Operations, BDC Chief Says, Laments Exclusion

The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said banks are now formalising the black market. Gwadabe stated that while banks are formalising parallel market operations, the Bureau De Change remain excluded from the Investors’

July 12, 2023

CBN Releases Another Around Of $10,000 FX To Each BDC, Mandates Them To Sell At N1,117/$1

Business·Currency

Black Market Operators Offer To Buy Dollar Above CBN’s Official Market Rate

The Bureau De Change operators retained the exchange rate between the naira and the dollar in the black market at N288 above that of the official market. According to some Bureau De Change operators that spoke with Prime Business Africa on Thursday,

January 12, 2023

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EFCC Arrests Over 200 BDC Operators Nationwide Over Alleged Forex Scam

EFCC Arrests BDC Operators As Naira trades For 1,416/$1

Customs Duty: Naira Depreciation Worsens As Exchange Rate Hits N1,441.53/$1

Naira Depreciates Further To N1,419/$1 As EFCC Arrest BDC Operators

Forex Crisis: CBN Prunes Down Number Of BDCs To Almost 2009 Level

Naira Drops To N1,730/$1 In Parallel Market As EFCC Raids BDC Operators In Abuja

Naira Depreciation Sparks Surge In Dollar Savings As BDC Seeks Central Bank Review

2years Of BDC Ban: Dollar Hoarders Made Whopping 80% Gain From Emefiele’s Infamous Decision

Banks Are Formalising Black Market Operations, BDC Chief Says, Laments Exclusion

Black Market Operators Offer To Buy Dollar Above CBN’s Official Market Rate

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